Financial advisor's role should evolve to suit the changing needs of HNIs

The growth and evolution of the industry over a period of time has also witnessed a change in the behaviour and demand pattern of high networth clients. The Indian high networth individual class has evolved from being a homogenous group to a relatively heterogeneous one. In the past, high net-worth individuals were typically second- and third-generation businessmen belonging to niche businesses. With the Indian economy expanding over the last decade and the services sector playing a dominant role in this growth, we are witnessing an increased representation of salaried and professional individuals in this growing segment. Furthermore, this boom in the Indian economy has attracted capital and the participation of nonresident Indians. Both domestic and non-resident high net-worth individuals represent a sizeable opportunity, in terms of value and volume for the growing segment

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